Million dollar price tags, once largely confined to metro areas, look to be becoming the new normal

Valocity data shows there's more than 600 South Island streets with a median value of a million dollars - excluding Christchurch, Queenstown-Lakes and Dunedin.

The nationwide average property value first crossed the million dollar mark in 2021 - it currently sits at 952 thousand.

OneRoof editor Owen Vaughan says the markets are close to doing it again.

He says during the downturn it collapsed below a million, but it's starting to regain ground.